MA condo conversion

[Sean Doherty]

I had my duplex appraised today for a refinance and the appraiser was asking why I haven't done a condo conversion yet. I've heard the term condo conversion but i don't know anything about it. What are the benefits, the costs, and the process? I bought it for 450k last July and she said if I was to do a conversion each side would appraise for at least 300k. So does that mean there's 150k of value I can tap into somehow? My ultimate goal is financial freedom through rental property. The duplex is in Mass and I live in one side. 

She also mentioned that if I do the conversion I may be able to put the two small lots attached to the back of my duplex lot to use because I might be able to bypass some restrictions. I need to look into that more but I'm just looking for some general info on how to analyze doing a condo conversion vs keeping it as a duplex and how it could fit into my long term goals